Meme Coins Surge as Risk-On Sentiment Grips Crypto Market
The price of meme coins like Pepe Coin, Shiba Inu, and Dogecoin have surged in recent hours, outperforming other tokens in the market. Among them, Pepe Coin saw a remarkable jump to $0.0000053, its highest level since January and 140% above its year-to-date low. It also rose by 30% in the last 24 hours, making it the best-performing coin during this period.
Dogecoin jumped by 15% in the last 24 hours to $0.1056, while Shiba Inu reached $0.00000627. Other top meme coins like Pudgy Penguins, Official Trump, and Bonk rose by over 5% in the same time frame.
The rise of these meme coins is attributed to the risk-on sentiment in the industry, triggered by Bitcoin's recent breakout to $88,000 on Monday. The surge in spot BTC ETF inflows, which reached over $998 million on Monday, and Ethereum, XRP, and Solana also made a big bullish breakout.
Historically, meme coins tend to react strongly to Bitcoin moves, often jumping by a larger rate when the leading cryptocurrency is rising. However, they typically retreat at a faster pace when Bitcoin falls.